Security is becoming more and more challenging. It is a constant cat and mouse game, with hackers looking to exploit systems for profit, advantage or control – and security organisations trying to outsmart them.
Today, all organisations outsource at least part of their security management whether that be through anti-virus software or firewalls. Others outsource the management of these functions, and add social engineering training, encryption or intrusion detection.
As security becomes a popular topic for boards (and penalties for breaches of data increase), we will see more organisations seeking to mitigate risk engaging third parties to manage more of their security. The costs of securing and managing the specialist resources in house required is hard to justify, and ensuring you can maintain continuity of resources even more challenging.
Security as a Service (SECaaS) has been growing over recent years, and if the data published this week by MarketsandMarkets is anything to go by, the growth has only just started. They project that the SECaaS Market will grow from $US3.12b in 2015 to $US8.52b by 2020, at a Compound Annual Growth Rate (CAGR) of 22.2%.
The rapid growth in the IT infrastructure of a business has given rise to new and sophisticated threats like zero-day malwares, trojans, and advanced persistent threats which can put an organisation’s critical data at risk. This has encouraged organisations to deploy cloud-based security solutions to safeguard their networks, cloud, and endpoints against potential cyber-attacks. Furthermore, organisations are looking forward to shift from traditional security to advanced security to protect the critical assets from potential threats. Cloud-based security offers advanced security measures securing an organisation’s network, hardware, software, applications as well as endpoint devices.
The report highlights the healthcare sector as having the largest market size in the SECaaS Market, as there has been an increase in hacking cases in the healthcare industry such as recent attacks on AHMC Healthcare office near Los Angles which resulted in the data loss of nearly half a million patient records. The attacks aimed at the healthcare vertical are focused toward accessing patient personal information. Similarly the retail vertical is also expected to witness traction in the forecasted period.
North America is expected to have the largest market share and would dominate the SECaaS Market from 2015 to 2020, due to the presence of a large number of SECaaS vendors. The APAC region offers potential growth opportunities for the SECaaS Market to grow, as countries in APAC are investing heavily to increase the development of data loss prevention, intrusion detection systems, and endpoint security solutions.
To learn more about the report, visit MarketsandMarkets.
To learn more about SECaaS or better understand your security profile, contact the blueAPACHE account team.